Fixed Interest Rate Mortgage

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Avoid nasty surprises for the next few years

A fixed rate mortgage is ideal for buyers who don't want nasty surprises should interest rates rise but you'll pay for the privilege. Fixed rate deals tend to have higher APRs than variable rate mortgages, and of course if interest rates fall then you might end up paying over the odds.

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Variable rate mortgages are usually the cheapest products with the lowest interest rates, but there's a risk: if interest rates rise, so do your monthly payments. A fixed rate mortgage protects you from these nasty surprises, and most lenders will fix the interest rate for a period of two, three or five years.

A fixed rate mortgage makes most sense when, like now, interest rates are low: should interest rates rise, you'll be paying considerably less money than you would with a variable rate mortgage. Of course the reverse applies too, so it's a good idea to ask your lender what would happen to your rate should interest rates fall.

Apply for a free fixed rate mortgage quote